Mayor Brandon Johnson seeks $300 million property tax hike in 2025 budget
Story by Alice Yin, A.D. Quig and Jake Sheridan, Chicago Tribune • 15h
CHICAGO — Mayor Brandon Johnson on Wednesday will propose Chicago’s largest property tax hike in almost a decade as part of his $17.3 billion budget plan for next year.
The $300 million increase that would hit Chicago homeowners, landlords and other property owners is a major flip-flop from Johnson’s campaign vow not to employ the widely unpopular, and often politically toxic, revenue-raising tactic. It is also one his team justified as necessary in order to balance a projected $982.4 million shortfall in 2025, along with sweeping tax increment financing funds and eliminating hundreds of vacant positions across city government. More than half of those will come from the Chicago Police Department.
In unveiling his second budget proposal as mayor, Johnson acknowledged his earlier red line against raising property taxes, but blamed his predecessors for the city’s financial predicament and said the primary alternative — layoffs — would be devastating to the city’s workforce.
https://www.msn.com/en-us/news/us/mayor-brandon-johnson-seeks-300-million-property-tax-hike-in-2025-budget/ar-AA1tdLk3?ocid=msedgdhp&pc=HCTS&cvid=c5709b69c44e48a185b24db65a679556&ei=36
